Millburn, NJ – The medical office building located at 90 Millburn Avenue in downtown Millburn, NJ recently changed hands in an $8,500,000 transaction. Brad Domenico negotiated a $6,800,000 permanent mortgage, or 80% LTV, for his client to purchase the property, adding to an already robust commercial real estate portfolio. Encompassing 21,834 SF over two floors, the building is divided into 11 individual units and was fully occupied at the time of purchase by 9 medical tenants.
Accompanying the loan is a 7-year fixed rate at 4.75% with a 15-year term and 30-year amortization. The loan may be repaid without penalty at any time.
Progress Capital is a Commercial Real Estate Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners and developers of mixed-use, multifamily, construction, industrial, retail, office and commercial storage properties. With an unrivaled network of lending partners and capital market relationships we have arranged over $40 Billion in Transactions and Directly Funded over $150 Million.
We get you to the closing table – plain and simple… #thatsPROGRESS